Question

What sum of money deposited at 5% per annum simple interest will amount to dollar 575 in 3 year's

Answer 1

Answer:

Sum of money = $102 (approx.)

Explanation:

Given:

Amount = $ 575

Rate = 5% p.a

time = 3 yrs

To find:

$\huge principal = \frac{a}{ {1 + \frac{r}{t} }^{t} }$

= 575 / 1 + 5/3³

= 102 (approx.)

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